On March 27, CITIC (0267.HK) held its results presentation at the Hong Kong Stock Exchange. CITIC, fully named China CITIC Limited, serves as the Hong Kong-listed entity of CITIC Group and encompasses the majority of the group's assets. Its financial segment includes CITIC Financial Holdings, CITIC Bank, CITIC Securities, CITIC Construction Investment, CITIC Trust, and CITIC Prudential Life Insurance, among others.
The company's leadership, including Xi Guohua, Zhang Wenwu, Zhang Shixin, Liu Zhengjun, Wang Guoquan, Fang Heying, and Zhang Xuejun, attended the event. According to the financial report, CITIC (0267.HK) achieved operating revenue of RMB 769.264 billion in 2025, representing a year-on-year increase of 3.0%. Net profit reached RMB 58.73 billion, up 0.9% compared to the previous year. Despite a decline in both revenue and profit in the first half of the year, the company managed to achieve positive growth for the full year. At the close of trading on March 27, CITIC's share price stood at HKD 11.83, down slightly by 0.17%.
Several subsidiaries within the financial segment reported record-high profits. CITIC's 2025 financial report indicated that, as of the end of the year, the company's total assets amounted to RMB 13.02 trillion, an increase of 7.8% from the beginning of the year. Assets under substantial management of affiliated companies totaled RMB 960 billion, rising 15.9% from the start of the year. The non-performing asset ratio in the financial segment decreased by 0.01 percentage points, while the asset-liability ratio in the industrial segment fell to 46.22%, down 0.70 percentage points.
Management stated that the "core strengthening" initiative in the financial sector is progressing steadily, with the benefits of transitioning to a lighter capital model becoming apparent. Net fee and commission income for the year reached RMB 69.6 billion, an 18% increase year-on-year, accounting for 23.9% of total financial business revenue—a rise of 2.4 percentage points. In terms of international revenue, efforts to expand globally continued, with overseas income reaching RMB 145.5 billion, up 28% year-on-year. Overseas revenue accounted for 18.9% of total revenue, an increase of 3.7 percentage points. CITIC Securities' international revenue performance was particularly notable.
The integrated financial services segment generated revenue of RMB 290.88 billion in 2025, with net profit attributable to shareholders reaching RMB 55.815 billion, up 6.2% and 6.0% respectively. The core strengthening initiative advanced in an orderly manner, with profits from banking, securities, and insurance businesses all hitting historic highs. The company has grown into the largest direct financing institution and the largest comprehensive asset management institution in China. Specifically, among financial subsidiaries, CITIC Bank reported annual revenue of RMB 212.475 billion, a slight decrease of 0.55% year-on-year. Net profit attributable to shareholders reached a record high of RMB 70.618 billion, up 3.0% year-on-year, with net interest margin stabilizing at 1.63%, outperforming the average for joint-stock banks.
CITIC Securities achieved revenue of RMB 74.854 billion for the year, an increase of 28.8%. Net profit attributable to shareholders exceeded RMB 30 billion, setting a new record. The company reinforced its leading position domestically, maintaining the top spot in both equity and bond underwriting volume and asset management scale. It also ranked first in the number of Hong Kong-listed equity projects and second in Hong Kong IPO sponsorship volume.
CITIC Trust reported revenue of RMB 6.326 billion, up 17.6% year-on-year. Net profit reached RMB 3.052 billion, an increase of 15%, with assets under management totaling RMB 3.8 trillion, reclaiming the top position in the industry.
Zhang Wenwu, Vice Chairman and General Manager of CITIC, further elaborated that the company focused on increasing revenue and controlling expenses to drive sustained performance improvement. On the revenue side, the financial segment played a stabilizing role, with CITIC Bank maintaining stable interest margins and operating revenue. Simultaneously, the company capitalized on capital market opportunities, driving growth in asset management, direct financing, and wealth management businesses.
He revealed that the financial segment's annual operating revenue increased by 6.2% year-on-year, while net investment income rose by 12%. Among the subsidiaries, CITIC Bank, CITIC Securities, and CITIC Prudential Life Insurance all achieved record profits, and CITIC Trust's fixed-income business also reached a historic high, with trust asset scale returning to the top position in China's trust industry.
Zhang Wenwu emphasized that integrated finance is not merely a collection of licenses but an ecosystem built around customer needs. CITIC's advantage in integrated finance stems from the leading market positions, strong professional capabilities, and extensive client bases of its banking, securities, trust, insurance, fund, and futures businesses. Additionally, the company places high importance on business synergy, leveraging CITIC Financial Holdings to coordinate internal collaboration mechanisms and deliver comprehensive solutions externally, providing customers with one-stop, full-cycle financial support.
Looking ahead, he stated that the company plans to build the strongest direct financing institution in China, expand equity investment scale, actively develop direct financing businesses such as equities and bonds, seize opportunities in futures products, infrastructure REITs expansion, and cross-border securitization pilots, specialize in futures and derivatives, continue to revitalize existing assets, and consolidate its market-leading advantages.
Concurrently, the aim is to establish China's strongest asset management institution by focusing on both scale and quality, accelerating growth in assets under management, collaborating with global leading institutions, and selecting high-quality thematic products. Lastly, efforts will be made to enhance the quality and efficiency of cross-border financial services, improve capabilities in cross-border settlement, comprehensive asset management, and infrastructure support, and expand overseas equity and bond financing.
The industrial segment reported a 1.1% increase in revenue. Beyond integrated finance, CITIC's operations also cover advanced intelligent manufacturing, advanced materials, new consumption, and new urbanization.
Zhang Wenwu noted that the industrial segment maintained relatively stable revenue last year, achieving 1.1% growth despite trade conflicts and real estate market pressures, with overall gross margin and profit levels remaining steady.
In the advanced manufacturing segment, revenue reached RMB 57.165 billion in 2025, up 12.5% year-on-year, while net profit attributable to shareholders fell 7.3% to RMB 802 million. Among key subsidiaries, CITIC Dicastal reported wheel and aluminum casting sales increases of 15.7% and 13%, respectively. CITIC Heavy Industries achieved revenue of RMB 8.107 billion, up 0.9% year-on-year, with net profit rising 0.2% to RMB 375 million.
The advanced materials segment, the third largest, generated revenue of RMB 335.464 billion and net profit of RMB 10.549 billion, increases of 3% and 2.3%, respectively. CITIC Pacific Special Steel reported annual revenue of RMB 107.373 billion, down slightly by 1.7%, but net profit rose 15.7% to RMB 5.929 billion. Nanjing Iron & Steel posted revenue of RMB 57.994 billion, down 6.2%, with net profit up 26.8% to RMB 2.867 billion. CITIC Metal saw revenue increase 9.6% to RMB 141.819 billion, and net profit grow 20.2% to RMB 2.689 billion.
In the new consumption segment, CITIC Press achieved revenue of RMB 1.702 billion, up 0.9%, with net profit rising 9.6% to RMB 130 million.
The new urbanization segment reported revenue of RMB 37.578 billion, down 20% year-on-year, and net profit of RMB 125 million, a decline of 97.6%, primarily due to weak industry conditions and provisions set aside to strengthen asset quality and risk resilience. Despite this, the real estate business showed significant improvement in sales, with contracted sales reaching RMB 14.9 billion, up 26% year-on-year.
Additionally, Zhang Wenwu mentioned that the company has undertaken organizational and business restructuring for several key subsidiaries. Adjustments were made to the equity management models of CITIC Credit and CITIC Agriculture, with both subsidiaries now directly managed by CITIC Limited. The management levels of CITIC Mining International, CITIC Pacific Special Steel, and CITIC Pacific Energy were elevated, placing them under the direct supervision of CITIC. The company also aggressively advanced efforts to reduce corporate layers, streamline organizations, and scale back in certain industries, exceeding annual targets and effectively shortening management chains while strengthening control over subsidiaries.
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